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Why we Invested $30m in DeFi Wallet Bitkeep – Gracy Chen, Managing Director of Bitget
As a cryptocurrency exchange and digital asset trading platform, Bitget has begun to explore new vistas of opportunities as it hopes to collaborate with BitKeep in order to leverage the respective strengths and advantages of Decentralized finance in its global operations. Gracy Chen, Bitget Managing Director, in this interview with Ugo Onwuaso, speaks on why it invested $30 million in BitKeep, among many other issues.
Bitget Managing Director Gracy Chen
Excerpts:
Hi Gracy, good to have you here. Can you tell us a bit more about yourself and when did you join Bitget
Formerly, I was an anchor and producer at the technology and finance channel of Phoenix TV, one of the largest Asian media conglomerates. That’s also around the time that some of my friends (who are famous crypto entrepreneurs and investors today such as He Yi, co-founder of Binance, and Tim Draper, whom I studied from when I was at Draper University) introduced me to the crypto industry. In 2014, I started to invest in cryptocurrencies including BTC, ETH, and XRP, not in huge amounts. I think people should build portfolios with small percentage investment in crypto according to their own experience and risk-tolerance level. And it’s only since 2017, that I started to invest more in the primary and secondary crypto market. For example, I‘ve been an investor in the early days of BitKeep, Asia’s leading decentralized wallet and Bitget’s sister company. So in this journey, I have witnessed the brand’s development and growth throughout the years. Hence, I decided to join Bitget in 2022, changing the role from an investor to a builder.
Can you tell us about the recent Bitget investment of $30 million in BitKeep
The investment is beneficial for both Bitget and BitKeep as they collaborate to connect DeFi and CeFi, leveraging their respective strengths. The integration of BitKeep Wallet with Bitget’s business domain will enhance the exchange’s product offering and expand its business into the wallet sector, providing native storage and asset management services.
Furthermore, BitKeep’s substantial user base of over 8 million in 168 countries will enable Bitget to tap into a new pool of potential clients. Additionally, BitKeep’s impressive range of services, including access to diverse DeFi protocols and NFT projects across various blockchains, will allow Bitget to transform from a prominent derivative exchange into a comprehensive and holistic exchange with a growing ecosystem, thus delving deeper into the Web3 space.
We have seen you giving speeches in different events talking about Bitget flagship product copy trading. Can you tell us more about Social Trading and how Bitget is helping its users with this innovative product? Do you follow any traders on the platform, any tips you want to share
With the vision to increase financial independence, we focus on transforming the way people connect and trade with social trading. We believe in the power of social trading and make it our quintessential feature, allowing us to differentiate among exchanges such as Binance and OKX, offering users valuable services.
High barriers to crypto investment hinder its mass adoption. Copy trading with more social interactions will be the key. Launched in May 2020, Bitget is the first crypto exchange to introduce copy trading features. It now supports copy trading in the spot market, futures market, and copy a strategist. Since its launch, the copy trading feature on Bitget has attracted more than 80,000 elite traders to share their strategies and more than 380,000 followers to copy, making it the largest crypto copy trading platform. As of Jan 2023, the number of profitable trades through Bitget copy trading is over 47 million, with gains from profitable trades reaching 300 million, and profits shared by elite traders reaching USD 20 million.
“Bitget Insights”, is a new feature on our platform, which makes social trading more accessible to everyone. The feature is acting as a mixture of “social media + trading”, and its curated “lead traders” can post their chart analysis, technical strategies, and articles, to share their insights with followers and help them make smarter financial decisions. As of Jan 2023, over 500 trading experts are sharing their crypto market insights on the platform with nearly 10,000 posts generated.
In the future, we will continue to bring innovative products and services, providing more trading strategies and skills for our users and helping beginners to learn more about the industry.
Changing topic, in this period it is inevitable to talk about the banking crisis. How do you see this impacting the crypto industry? What would you suggest to all our readers considering that there might be more banks on the verge of collapse
I think there will be inevitable development in the space after this wave of bank closures. We are living in an increasingly multipolar, interconnected and multicultural world. Since the 1980s, financial institutions and financial markets have no longer been operating within an enclosed geographical space. Instead, we are trading in a global and highly networked business arena. In this financial context, it is not realistic to think that we can continue to rely on siloed and immutable financial systems.
We need flexible, elevated open-source algorithms, time-efficient financial structures that cut settlement times as well as costs, and transactions that are not only frictionless but also borderless. Digital currencies offer exactly that. So, cryptocurrencies and crypto exchanges have been portrayed as an alternative to traditional banking, but actually we are expanding the financial offerings with the more advanced ecosystem. Most of the traditional banking businesses, such as loans, mortgage and credit cards etc, will still need banks to perform, and crypto exchanges can provide some innovative financial services with its infrastructure.
Bitget did great in 2022 while the market and several crypto companies were collapsing. What’s the secret sauce you have been using to grow rapidly and fast
The year 2022 was one of the roughest in the crypto industry. The collapse of Terra LUNA, Celsius, and FTX, consequently wiping out over US$2 trillion from the crypto market. Despite the hardships in the market, Bitget grew in all aspects; the company made great strides in building our team, brand, and business over the last 12 months during the crypto winter.
Some key development areas of the company included:
- Climbing the chart ranked as the Top 3 exchange according to the Boston Consulting Group report, in terms of crypto derivative trading volume.
- According to the latest TokenInsight report, Bitget’s market share in the derivative market increased from 3% to 11% after the collapse of FTX
- Over 300% increase in total transaction volume, with the popularity of copy trading products
- The workforce grew from barely 200 people at the beginning of 2022 to over 1300 employees now
- Became the exclusive crypto exchange partner with Lionel Messi
Bitget is the first and largest crypto copy trading platform, connecting beginners with professional traders. Launched in May 2020, Bitget now supports copy trading in the spot market, futures market, and copy a strategist. Since its launch, the copy trading feature on Bitget has attracted more than 80,000 elite traders to share their strategies and more than 380,000 followers to copy.
These figures of growth attribute to our endeavors on not only service improvement and product innovation, but also the global expansion and adoption of top-notch security and protection measures. Previously, the company focused on serving customers from a few Asian countries alone. However, by the end of 2022, the exchange had acquired over 8 million users in more than 100 countries, with footprints in Turkey, Southeast Asia, Latin America, and Europe. Bitget is safeguarding users’ funds on the platform with a series of security policies, including a $300 million Protection Fund, a Fund Custody service, pledged to be fully reserved back by the Merkle Tree Proof of Reserves model.
Can you tell us more about funds security at Bitget? Do you provide any audits
In Bitget, securing users’ assets on our platform has been our top priority since day one, and we have taken plenty of measures on this end. The first response we have done with FTX’s collapse is to launch a US $5 million builders’ fund to assist affected partners, and increased our Bitget Protection Fund to US $300 million with transparent wallet addresses and guarantee no withdrawal for 3 years. As far as I know, our Protection Fund is the second largest among all CEXs so far.
The next thing we worked on is our Proof-of-Reserves. We have developed a verification tool “Merklevalidator” internally and with free access to open-source codes on GitHub. Not only showing reserve status as a whole in the company, users can also verify their own account’s proof of reserves with the tool, and proving our exchange reserve to users assets is at least on an 1:1 ratio.
Aside from financial measures, Bitget’s team has also been working strenuously on platform security as well. Bitget’s security team adopted measures such as mature risk control systems, advanced security governance, trusted wallet encryption and many more to keep cybersecurity threats under control.
The Nigerian Communications Satellite Limited (NIGCOMSAT) has unveiled Accelerator Cohort 3.0 as part of efforts to strengthen Nigeria’s space technology ecosystem and support the growth of local startups.
The initiative will be a major highlight of the 2026 Nigerian Satellite Week scheduled to hold on March 30 and 31 in Abuja, where key players in the satellite and digital infrastructure sectors are expected to converge.
In a statement signed by Stephen Kwande, the Head of Corporate Communications, the company described the new accelerator as its most direct investment in building long-term competitiveness within Nigeria’s space economy.
According to NIGCOMSAT, the programme is designed to support early-stage ventures working across satellite applications, last-mile connectivity, agriculture, logistics and other areas where space-based technology can drive impact.
The company said previous cohorts of the accelerator had already contributed to developing innovative solutions and building the human capacity needed to position Nigeria for the next phase of the global space industry.
“With Cohort 3.0, we are making it clear that the accelerator is not a pilot project but a permanent feature of how Nigeria develops its space-tech companies,” the statement said.
NIGCOMSAT noted that the Nigerian Satellite Week has grown into a major platform for policy discussions, partnerships and investment in the sector.
The 2026 edition is expected to attract top government officials, defence leaders, development finance institutions and technology entrepreneurs from across Africa.
Jane Egerton-Idehen, managing director of NIGCOMSAT, said the event also marks two decades of Nigeria’s journey in the space economy.
“Twenty years ago, Nigeria took a bold step to secure its place in space. What we are seeing today is the result of consistent effort and vision,” she said.
She added that the company is focused on shaping the next phase of growth through innovation, partnerships and investment in local talent.
NIGCOMSAT also highlighted recent milestones, including a Low Earth Orbit connectivity partnership with Eutelsat, improved revenue performance and increased global recognition in satellite operations.
Other activities lined up for the event include a Startup Demo Day, where selected African startups will pitch their ideas to investors, and a stakeholders’ forum to discuss policies and infrastructure needed to scale Nigeria’s satellite economy.
The company said the initiative reflects the growing role of satellite technology in national development, particularly in areas such as communications, security and digital services.
NIGCOMSAT, established in 2006 and wholly owned by the Federal Government, provides satellite-based services including telecommunications, broadcasting and broadband across Nigeria and parts of Africa.
The Federal Government has unveiled a N12bn Digital Economy Research Fund aimed at strengthening evidence-based policymaking and supporting Nigeria’s long-term digital transformation agenda.
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, disclosed this in a statement issued on Saturday, announcing the launch of an expression of interest for the National Digital Economy Research Clusters.
“Today my heart is filled with deep joy as we announce the Expression of Interest for the National Digital Economy Research Clusters, a N12bn research funding scheme designed to place ideas, evidence, and research at the centre of Nigeria’s digital transformation,” the minister said.
According to him, the programme is being funded under Project BRIDGE, a federal initiative to deploy 90,000 kilometres of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy.
“This programme is being funded under Project BRIDGE, our initiative to deploy 90,000km of fibre optic backbone infrastructure across Nigeria to expand connectivity and enable a modern digital economy,” he said.
The minister noted that as the government expands digital infrastructure nationwide, research-backed approaches are required to ensure inclusive benefits.
“As we deepen our digital infrastructure coverage, thoughtful, evidence-based approaches are required to be deployed in society to ensure everyone benefits from this significant investment,” he added.
He observed that digital policy decisions are often shaped by market forces and political cycles rather than rigorous research and long-term thinking. “Too often, the ideas shaping digital policy come predominantly from markets and political cycles rather than from research, evidence, and long-term thinking,” the statement said.
Under the initiative, six national research clusters will be established across key pillars of the digital economy, including connectivity and meaningful use; digital public infrastructure and government services; digital skills and human capital development; digital economy and jobs; online trust and consumer protection; as well as artificial intelligence and emerging technologies.
The clusters will be led by up to 36 professors drawn from Nigerian universities, working alongside international academic partners, with more than 200 researchers, including postdoctoral fellows and PhD candidates, expected to generate policy-relevant research.
“For me, the goal goes beyond research output. We are looking for better policies that lead to stronger institutions and a more prosperous society,” the minister said.
He described the initiative as one of the ministry’s most meaningful programmes, noting that it is intended to produce ideas that will outlast any single administration. “Because nations that lead the future are not simply those that deploy infrastructure; they are the ones that cultivate ideas,” he said.
The ministry invited academic and research institutions interested in participating to review the Terms of Reference released alongside the EOI and submit proposals to lead or collaborate within the national research clusters.
It added that a press conference would be held in the coming week to provide further details and engagement opportunities for vice-chancellors and research institutions across the country.
Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) to compensate subscribers experiencing poor network service across the country.
The Commission said the directive was part of efforts to ensure that consumers are not made to bear the burden of service failures when operators fall short of required standards.
Under the new regulation, telecom operators will be required to provide compensation directly to affected subscribers for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).
According to the NCC, the compensation will be issued in the form of airtime credits, calculated based on subscribers’ average usage and their presence within specific Local Government Areas where service disruptions occur.
The Commission emphasised that telecommunications services remain critical to economic activities, social interactions, and access to digital opportunities, noting that poor service delivery negatively impacts productivity and public confidence.
It explained that while regulatory fines have traditionally been used to sanction operators, the new approach prioritises consumer protection and strengthens accountability within the telecommunications sector.
The NCC added that the measure would complement existing efforts to monitor service quality and enforce compliance with performance standards.
In addition, the Commission directed tower companies responsible for telecom infrastructure, such as network masts, to reinvest fines imposed on them into infrastructure upgrades with measurable outcomes.
The regulator reiterated its commitment to ensuring that operators invest in network resilience, expand capacity, and improve infrastructure to meet growing demand.
It also pledged to continue deploying regulatory mechanisms that promote fairness, transparency, and accountability across the industry, while ensuring that subscribers receive the quality of service they deserve.
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